Dealing with concerns about the financial impact of alimony
If you are facing the prospect of a divorce, you’ll have many interests that you’ll want to protect. If you have children, it is likely that your first thought will be concerned with their emotional well-being and how their future could be affected by this huge shift in their lives. You’ll want to ensure that you’ll always have the ability to support them financially and give them a bright future.
This is where you’re likely to consider the potential economic impact of divorce. If you earn more than your divorcing spouse, it is likely that you will be ordered to pay child support in addition to alimony. Before embarking on the process of divorce, it is important that you understand your legal obligations as well as your rights so that you can plan your future accordingly.
What is alimony?
Alimony is sometimes referred to as spousal support. It is completely separate from child support because it is seen as a temporary measure to prevent a divorcing spouse from going through any undue hardship as the result of the divorce. You may be required to make payments to your spouse for six months or one year after the divorce finalization, or you may be required to pay a lump sum in cash as a way to rectify the perceived inequality between spouses.
What factors are taken into account when deciding how much alimony a spouse should be paid?
In Colorado, the court has a specific formula that they can use to determine how much spousal support should be awarded. This is similar to the way that child custody is calculated. The purpose of the formula is to ensure that no divorcing spouse has to pay more than they can afford.
If you are concerned about not being able to afford the child support and alimony payments, it is important that you take swift action to understand more about how the law applies to you.